Western Texas Intermediate (WTI) oil price continues the winning streak for the fourth successive day, trading higher around $89.10 per barrel during
Crude oil prices surge as the US to purchase 6M barrels of crude oil for the SPR. Escalating fears over the Israel-Gaza conflict are underpinning the oil prices. Temporary suspension of US oil sanctions on Venezuela is anticipated to not prompt immediate policy adjustments from the OPEC+ alliance. the Asian session on Friday.
The US government is making moves to purchase 6 million barrels of crude oil for delivery to the SPR in December and January, part of an ongoing effort to replenish the emergency stockpile, as announced by the US Department of Energy on Thursday. Top oil producers, Saudi Arabia and Russia extend supply cuts until the end of the year, expecting a widening deficit in the fourth quarter.
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